上市公司退市中的中小股东法律保护

发布时间：2017-12-30 18:44

本文关键词：上市公司退市中的中小股东法律保护　出处：《华中科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：根据境外资本市场的经验，一个成熟的资本市场，应该包括证券上市制度、证券交易制度以及证券退市制度。上市公司退市可分为自愿退市和强制退市。退市制度的建立有助于引导投资者理性投资，提高上市公司治理水平，最终实现证券市场的资源配置功能，提升证券市场的整体质量。上市公司退市将使公司股票大幅下降，中小股东的权益必然受损。在上市公司退市中，保护中小股东权益有助于实现法律的正义和秩序价值，维护中小股东对于证券市场的信心。美国的上市公司退市规则较为完善，既有法律规定，也有监管机构和交易所规则。在私有化退市中，通过规范退市程序，明确交易中的信息披露义务和信义义务，赋予中小股东的参与权和股份评估权等来保护中小股东权益。在强制退市中，法律进行了原则性的规定，具体规则由证券交易所根据自身特点进行细化，并赋予上市公司对退市决定可以进行层层申诉的权利。强制退市背后，一般存在违法违规行为，中小股东可以对责任人提起证券民事诉讼请求赔偿损失。美国的多层次证券市场发达，退市的上市公司可以转入低层次的市场进行交易。中国现行规则对自愿退市的规定很少，中小股东保护的问题在于立法缺失，控制股东操纵私有化，信息披露不完善，董事会缺乏独立性，中小股东参与权被忽视等。经过改革后的强制退市，标准和程序有了相当大的进步和可操作性。但监管思想依然保守，上市公司退市救济程序不足，退市整理期不能起到应有作用，多层次市场还未真正建立，，以及中小股东的民事救济路径依然不畅。自愿退市中的中小股东法律保护，应完善立法，明确控制股东的信义义务，强化私有化交易中的信息披露义务，设立独立委员会，保障中小股东对私有化交易的批准权和股份评估权。强制退市中的中小股东法律保护，应转变监管思路，细化上市公司退市救济程序，推进多层次市场建设以及完善诉讼制度，保证中小股东的民事救济权利。
[Abstract]:According to the experience of overseas capital market, a mature capital market should include securities listing system. The stock trading system and the securities delisting system. The delisting of listed companies can be divided into voluntary delisting and forced delisting. The establishment of delisting system helps to guide investors to invest rationally and improve the governance level of listed companies. Finally realize the resource allocation function of the securities market and improve the overall quality of the securities market. The delisting of the listed company will make the stock of the company drop significantly and the rights and interests of the minority shareholders will inevitably be damaged in the delisting of the listed company. Protecting the rights and interests of minority shareholders is helpful to realize the justice and order value of the law and to maintain the confidence of minority shareholders in the securities market. The delisting rules of listed companies in the United States are relatively perfect and have legal provisions. There are also regulatory bodies and exchange rules. In the process of privatization delisting, the obligation of disclosure of information and fiduciary obligation in transactions is clarified by standardizing the delisting procedure. To protect the rights and interests of minority shareholders, such as the right to participate in small shareholders and the right to evaluate shares. In the forced delisting, the law provides in principle, and the specific rules are refined by the stock exchange according to its own characteristics. And give listed companies the right to appeal against the delisting decision. Behind the forced delisting, there are generally illegal and illegal behavior. Small and medium shareholders may file a civil suit against the responsible person for compensation for the loss. The multi-level securities market in the United States is well developed. China's current rules on voluntary delisting are few, and the problem of minority shareholders' protection lies in the lack of legislation and the manipulation of privatization by controlling shareholders. Imperfect information disclosure, lack of independence of the board of directors, neglect of participation rights of minority shareholders, etc. After the reform of forced delisting, standards and procedures have made considerable progress and maneuverability, but the idea of supervision is still conservative. The listed company delisting relief procedure is insufficient, delisting consolidation period can not play its due role, the multi-level market has not really been established. The legal protection of minority shareholders in voluntary delisting should improve legislation, clearly control the fiduciary obligations of shareholders, and strengthen the obligation of information disclosure in privatization transactions. The establishment of an independent committee to protect minority shareholders' right to approve privatization transactions and the right to assess shares. The legal protection of minority shareholders in forced delisting should change the regulatory thinking and refine the procedure of relief for delisting of listed companies. Promote multi-level market construction and improve litigation system to ensure the civil relief rights of minority shareholders.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;D922.287

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